June 6, 2023

Dubai Week

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RAK Bank’s net profit doubled in the first quarter

National Bank of Ras Al-Khaimah’s net profit rose 104.6% year-on-year in the first quarter of this year, supported by increased revenues and improved provisions.

Net profit for the first three months of 2023 was about 450.3 million dirhams ($122.6 million), compared with 220.1 million dirhams in the same quarter last year, according to the bank’s report to the Abu Dhabi Stock Exchange on Wednesday.

National Bank of Ras Al-Khaimah was established in 1976 and is headquartered in Ras Al-Khaimah, United Arab Emirates. The emirate’s government owns 52.78% of the Abu Dhabi-listed bank, according to its statement. Official website.

The UAE, an oil-producing country, is seeking to diversify its economy to reduce dependence on oil revenues and increase the contribution of non-oil economic activities to the country’s GDP.

In the first quarter of the year, the bank recorded a 47.6% increase in revenue to 1.07 billion dirhams, compared to 726.9 million dirhams in the comparable quarter.

Raheel Ahmed, CEO of the bank, said in a statement that the bank has achieved record net profit with an unprecedented total revenue.

Our outlook for FY23 remains positive, but cautious in light of the growing UAE economy and global economic uncertainty,” he added.

It was Emirates Central Bank The UAE’s GDP is expected to grow by 4.3% in 2024, up from an expected 3.9% in 2023, as reported by the official Emirates News Agency (WAM) last March.

Intrigued about uncertainty International Economics The International Monetary Fund is cutting its forecast for global growth this year to 2.8% in 2022 from 3.4%.

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(Prepared by: Shaima Hefzi, contact: [email protected])

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